Corporations Act 2001
At or before the time when a person (the applicant ) becomes a standard employer-sponsor of a superannuation entity, the person (the issuer ) who is to provide the superannuation products to the applicant's employees must give the applicant a Product Disclosure Statement in accordance with this Division for each of those superannuation products.
1012I(2) [ Disclosure Statement to employer - RSA product](a) a person (the applicant ) applies for the issue of an RSA product to the employee; and
(b) the applicant has not previously applied to the RSA provider for the issue to any employee of an RSA product of the same kind;
the person (the issuer ) who is to issue the RSA product to the employee must, at or before the time when the RSA product is issued to the employee, give the applicant a Product Disclosure Statement in accordance with this Division for the RSA product.
1012I(2A) [ Trustee under Pt 24 of SIS Act](a) a trustee (the applicant ), under Part 24 of the Superannuation Industry (Supervision) Act 1993 , applies on behalf of a person for the issue of an interest in a relevant superannuation entity; and
(b) the applicant has not previously applied under that Part for the issue of an interest in that entity on behalf of any person;
the person (the issuer ) who is to issue the interest to the person must, at or before the time when the interest is issued to the person, give the applicant a Product Disclosure Statement in accordance with this Division for the interest.
1012I(2B) [ Trustee under Pt 9 of RSA Act](a) a trustee (the applicant ), under Part 9 of the Retirement Savings Accounts Act 1997 , applies on behalf of a person for the issue of an interest in a relevant superannuation entity; and
(b) the applicant has not previously applied under that Part for the issue of an interest in that entity on behalf of any person;
the person (the issuer ) who is to issue the interest to the person must, at or before the time when the interest is issued to the person, give the applicant a Product Disclosure Statement in accordance with this Division for the interest.
[ CCH Note: For s 1012I(2C), see Corporations Regulations Schedule 10A, Part 17 - Modifications relating to application forms for specified superannuation products, item 17.2]
The issuer does not have to give the applicant a Product Disclosure Statement under subsection (1), (2), (2A) or (2B) for a financial product if:
(a) the applicant has already received a Product Disclosure Statement for that financial product that contains all of the information that the first-mentioned Product Disclosure Statement would be required to contain; or
(b) the issuer believes on reasonable grounds that paragraph (a) applies.
Note: Information in a Supplementary Product Disclosure Statement is taken to be contained in the Product Disclosure Statement it supplements (see section 1014D ).
1012I(4) [ Exemption by regulation]The issuer need not give the applicant a Product Disclosure Statement under subsection (1), (2), (2A) or (2B) in the circumstances specified in the regulations.
1012I(5) [ Terminology](a) terms used in subsection (1) that are defined for the purposes of the Superannuation Industry (Supervision) Act 1993 have the same meanings as in that Act; and
(b) terms used in subsection (2) that are defined for the purposes of the Retirement Savings Accounts Act 1997 have the same meanings as in that Act; and
(c) relevant superannuation entity has the same meaning as in section 1016A of this Act.
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